Westamerica Bancorporation (NASDAQ:WABC) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Westamerica Bancorporation (NASDAQ:WABC) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $49.22 and traded as high as $51.79. Westamerica Bancorporation shares last traded at $51.27, with a volume of 202,790 shares traded.

Wall Street Analyst Weigh In

Several brokerages have weighed in on WABC. Weiss Ratings upgraded Westamerica Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. Wall Street Zen cut shares of Westamerica Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday, February 14th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Westamerica Bancorporation from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 20th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $52.50.

Westamerica Bancorporation Stock Performance

The business has a 50-day simple moving average of $51.00 and a 200 day simple moving average of $49.22. The firm has a market cap of $1.24 billion, a P/E ratio of 11.34 and a beta of 0.61.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings data on Thursday, January 15th. The financial services provider reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.05. Westamerica Bancorporation had a return on equity of 12.52% and a net margin of 42.75%.The firm had revenue of $63.31 million for the quarter, compared to analyst estimates of $61.90 million. On average, research analysts expect that Westamerica Bancorporation will post 4.35 EPS for the current year.

Westamerica Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Monday, February 2nd were issued a $0.46 dividend. The ex-dividend date was Monday, February 2nd. This represents a $1.84 annualized dividend and a yield of 3.6%. Westamerica Bancorporation’s payout ratio is 40.71%.

Westamerica Bancorporation declared that its Board of Directors has initiated a share buyback plan on Thursday, December 18th that authorizes the company to buyback $2.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 0.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Westamerica Bancorporation

Institutional investors and hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. purchased a new position in shares of Westamerica Bancorporation during the third quarter valued at about $5,831,000. Y Intercept Hong Kong Ltd lifted its holdings in Westamerica Bancorporation by 285.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 58,718 shares of the financial services provider’s stock worth $2,935,000 after buying an additional 43,500 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Westamerica Bancorporation by 87.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 309,953 shares of the financial services provider’s stock valued at $15,014,000 after acquiring an additional 144,405 shares in the last quarter. CWM LLC boosted its position in Westamerica Bancorporation by 162.8% during the 3rd quarter. CWM LLC now owns 19,585 shares of the financial services provider’s stock valued at $979,000 after acquiring an additional 12,133 shares in the last quarter. Finally, New York State Common Retirement Fund grew its holdings in shares of Westamerica Bancorporation by 19.3% during the 2nd quarter. New York State Common Retirement Fund now owns 159,618 shares of the financial services provider’s stock worth $7,732,000 after acquiring an additional 25,793 shares during the period. 81.89% of the stock is owned by hedge funds and other institutional investors.

About Westamerica Bancorporation

Westamerica Bancorporation (NASDAQ: WABC) is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company’s lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.